Promotora de Informaciones S.A.

Earnings Release • Feb 28, 2022

RESULTS PRESENTATION JANUARY-DECEMBER 2021

PROMOTORA DE INFORMACIONES, S.A. February 28th, 2022.

The information contained in this presentation has not been independently verified and is, in any case, subject to negotiation, changes and modifications.

None of the Company, its shareholders or any of their respective affiliates shall be liable for the accuracy or completeness of the information or statements included in this presentation, and in no event may its content be construed as any type of explicit or implicit representation or warranty made by the Company, its shareholders or any other such person. Likewise, none of the Company, its shareholders or any of their respective affiliates shall be liable in any respect whatsoever (whether in negligence or otherwise) for any loss or damage that may arise from the use of this presentation or of any content therein or otherwise arising in connection with the information contained in this presentation. You may not copy or distribute this presentation to any person.

The Company does not undertake to publish any possible modifications or revisions of the information, data or statements contained herein should there be any change in the strategy or intentions of the Company, or occurrence of unforeseeable facts or events that affect the Company's strategy or intentions.

This presentation may contain forward-looking statements with respect to the business, investments, financial condition, results of operations, dividends, strategy, plans and objectives of the Company. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of factors, including political, economic and regulatory developments in Spain and the European Union, could cause actual results and developments to differ materially from those expressed or implied in any forward-looking statements contained herein.

The information contained in this presentation does not constitute an offer or invitation to purchase or subscribe for any ordinary shares, and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

2021 Key highlights Prisa Group Financials

Prisa Media Financials

Santillana Financials

Key Takeaways & 2022 Outlook

ESG

PRISA GROUP KEY 2021 HIGHLIGHTS

FY2021 EBITDA Guidance surpassed: €107m (14% Adj. EBITDA Margin)

During H2, management teams have been fully focused on business growth and efficiency and, as a result, the expected range of 95-100 €m Adj. EBITDA has been exceeded. Q4 shows improvements across all business lines with a 25% Adj. EBITDA Margin.

Continued boost of digital

Ed-Tech subscription model increased by 16% year-on-year, surpassing 1,99m subscriptions. EL PAÍS reached 177k subscribers, of which 137k are digital-only (+61% YoY). Radio continues to increase consumption of streaming hours (+20%) and podcast downloads (+42%).

Positive Cash flow generation excluding one-offs

Positive Cash Flow of €1.6m (+ €58m YoY).

Lean organization with strong cost control and efficiency measures implemented across all business and corporate areas

Fixed cost reduction plan of €30m exceeded.

Further efficiency measures undertaken at Prisa Media and HoldCo with a new Lease agreement.

Debt refinancing agreement

Extended maturity, enhanced flexibility, improved covenants and reduced margins with ESG-linked bonifications.

5 January-December 2021

BUSINESS UNIT Q4 HIGHLIGHTS

Prisa Media Santillana Corporate

Configuration of new business platform while maintaining business momentum

• New cross-functional organization implemented.
• Restructuring completed.
• Increase of advertising market share across geographies.
• Boost of digital subscriber growth at El País.

Outstanding performance of both Private and Public businesses

• Private business growth supported by enhanced subscription model.
• Public business outperformance on the bank of outstanding 32% market share in Brazil.

Renegotiation of Sale & Lease agreement

• Increase of flexibility, cost & cash flow savings, reduced liabilities (IFRS 16).

Debt Refinancing agreement reached

• Amended pool of lenders supportive of the business, willing to enhance flexibility and extend maturities.

2021 Key highlights

Prisa Group Financials

Prisa Media Financials

Santillana Financials

Key Takeaways & 2022 Outlook

ESG

PRISA GROUP FINANCIAL HIGHLIGHTS

Operating EBITDA improvement excluding severance payments 2021: (€107m vs €73m): +46% // Q4: ( €65m vs €45m): +44%

Operational improvement during the second half of the year offsets the decline in Q1, that was affected by school closures in education business and advertising decline in Prisa Media (as a consequence of Covid-related restrictions).

Cash flow generation before one-offs improvement in the period supported by operational improvements, CAPEX control and WC management

2021 + €1.6m vs. - €56.2m 2020.

4Q2021 + €0.2m vs. - €35.7m 4Q2020.

Strong restructuring efforts during the year (€67m), aiming to solve historical roadblocks.

Strong Liquidity position maintained

Cash position stands at €169m. Additional undrawn liquidity lines amounting to €102m.

Bank debt stands at €756m vs €679m as of December 2020

IFRS16 debt stands at €69m after renegotiation of the Sale and Lease Back signed in 2008. NFD / Adj. EBITDA covenant ≈8x.

DEBT REFINANCING AGREEMENT

The refinancing agreement provides Prisa with greater flexibility while improving the current terms

INCREASED FLEXIBILITY

Enhanced flexibility for acquisition financing, debt repayment, dividend distributions and M&A.

IMPROVED COSTS

Cost improvement vs. current financing, with margin incentive linked to ESG.

The agreement (with lenders support above 95%¹ ) allows Prisa to fully focus on the execution of its business plan and the development of its equity story.

1. As of 28th of February 2022

DEBT REFINANCING AGREEMENT COMPARISON

1. Subject to change based on the closing date. Illustrative figures assume issuance as of 28 February 2022 and do not reflect applicable OID nor lock-up fee.

2. Blended cost from 28-Feb-2022 until June 2026. Blended cost of debt for current financing assumes Company's debt is extended until June 2026 at current terms. Excludes impact of 32 million warrants issued by Shareholders.

BUILDING LEASE AGREEMENTS RENEGOTIATED

Renegotiation of lease agreement for offices in Madrid (Gran Via and Miguel Yuste) and Barcelona (Caspe)

NET DEBT REDUCTION in FY21 by c. €28m upon signing and

settlement of the transaction.

PAY-OUT

One-off payment substantially below existing contract penalties to achieve the renewed terms with estimated payback of 4.5 years. Negative P&L impact in FY21 by c. €12.6m.

COST SAVINGS & EBITDA

Annual blended cash savings of c. €4.4m (c.€3.2m in 2022, c.€4.5m in 2025). Savings Net Present Value of €14m. Average increase in annual blended EBITDA of c. €1m (c. €300k in 2022, c. €1.1m by 2025). Internal Rate of Return of 20%.

INCREASED FLEXIBILITY

Introducing contract exit windows to explore potential office relocations in the future (existing rental agreements had a maturity going up to 2033).

ESG ORIENTED

Optimization of spaces, adapting them to the reality that encourages teleworking and work-life balance, reduces the consumption of resources and allows for more intelligent offices.

This transaction reflects Prisa Group's focus and efforts to maximize cash generation and reduce leverage.

PRISA GROUP KEY FIGURES

FY2021 Results show an improvement in EBITDA ex severance expenses. Strong Q4 both at Prisa Media and Santillana.

Highlights 2021

• Revenue increase of 9% in local currency. Active forex management.
• Fixed cost reduction plan of €30m exceed.
• Adjusted EBITDA surpasses guidance and grows by 46% compared to 2020.
• Cash generation before one-offs has improved compared with previous year.
• Capex amounting to €45m, in line with previous year.
• Net Debt stands at €825m vs. €797m in December 2020.

	2020 (€m)	2021 (€m)	Var (%)	Q4'20 (€m)	Q4'21 (€m)	Var (%)
Revenues	701	741	6%	206	255	+24%
Expenses	637	678	6%	165	210	+27%
EBITDA	64	63	-1%	41	45	+11%
EBITDA ex severance	73	107	+46%	45	65	+44%
% Margin	10.4%	14.4%	+38%	21.8%	25.3%	+16%
EBIT	-29	-20	+32%	21	9	-57%
Net Result	90	-107	---	299	-25	---
Cash Flow ex one-offs	-56	2	---	-36	0	---
Capex	-45	-45	+0%	-10	-15	-52%
Net Debt	797	825		N/A	N/A

PRISA GROUP – NET PROFIT

Highlights 2021 ²⁰²⁰

• Financial result improvement vs. previous year as a result of lower interest expense due to debt amortization.
• Net profit comparison affected by 2020 impairments. 2021 includes €13m linked to the new lease agreement.
• Comparable net profit of -€91m vs. -€122m during the previous year. (+26%).

	(€m)	2021 (€m)	Var (%)	Q4'20 (€m)	Q4'21 (€m)	Var (%)
EBIT	-29	-20	32%	21	9	-57%
Financial result	-129	-63	51%	-69	-18	74%
Result from associates	-8	1	---	-2	1	---
Profit before tax	-166	-82	51%	-49	-7	+85%
Tax Expense	81	21	-74%	18	11	-35%
Results from discontinued	323	-3	---	366	-3	---
Minority interest	-14	1	---	0	3	---
Net Profit	90	-107	---	299	-25	---
One-offs	-212	16	---	-375	16	---
Comparable Net profit	-122	-91	+26%	-76	-9	+89%

CASH FLOW GENERATION

Improved cashflow generation in 2021.

Cashflow excludes FX impact on Cash Balance. Millions of Euros.

*Others includes: Financial investments, other cash flows & adjustments from operations, dividends and divestments

Highlights

2020 Var.

• Significant improvement despite restructuring efforts driven by:
  • Improved operational performance.
  • CAPEX Control.
  • Working Capital management.

NET DEBT EVOLUTION

Net debt evolution (€m) Current debt maturity Profile (€m)

Highlights

• Focus on reducing the Debt.
• Cash position standing at €169m.
• Additional undrawn liquidity lines amounting to €102m.

(1) Includes mainly PIK , accrued interest and impact of FX on Net debt

2021 Key highlights

Prisa Group Financials

Prisa Media Financials

Santillana Financials

Key Takeaways & 2022 Outlook

ESG

PRISA MEDIA OVERVIEW

2H 2021 delivery to build a strong media platform poised for growth.

PRISA MEDIA

Turnaround (ex-severance expenses) achieved boosting our digital journey.

Highlights

• Advertising market share reinforced across all our operating markets.
• Digital momentum continues both in press and radio.
• Digital revenue mix increased by +228 bp…
  • − …coupled with strong growth in off-line advertising (radio and press).
• Good behaviour of subscription business, with 61% growth in 2021 and more than 15k digital-only subscriptions in Q4.
• Focus on efficiency 2021 cost base (ex severance costs) in line with 2020 despite top line growth.

(*) monthly average

	2020 (m)	2021 (m)	Var (%)
Unique Browsers (*)	249	251	+1%
Total Listening Hours (*)	56	67	+20%
Audio downloads (*)	24	34	+42%
Total subscribers (k)	130.3	176.7	+36%
Only-digital	84.6	136.5	+61%
Registered users	5.5	6.4	+16%
	2020 (€m)	2021 (€m)	Var (%)	Q4'20 (€m)	Q4'21 (€m)	Var (%)
Digital Revenues	71	90	26%	24	27	9%
Non Digital Revenues	264	293	11%	87	93	7%
Digital Revenue Mix	21%	24%	2%	22%	22%	0%
Expenses ex severance	337	341	1%	91	93	2%

2021 Key highlights

Prisa Group Financials

Prisa Media Financials

Santillana Financials

Key Takeaways & 2022 Outlook

ESG

EDUCATION OVERVIEW

Private business recovers throughout the year supported by the reopening of schools despite a difficult Q1

• Uneven first quarter due to pandemic restrictions which dragged down full year's results.
• Subscription models show resilience despite challenging environment, with total number of subscriptions increasing by 16% and surpassing 1,998,000.
• Didactic business has been the most affected by school closures during first semester and by the transfer of students from private to public schools.
• Q4 shows solid growth on a more normalized environment, with the starting of the 2022 South campaign which already suggests a positive outlook for 2022.

Public business

• Outstanding performance of Public Sales on the back of 32% market share achieved in Brazil (PNLD) and strong sales in other smaller countries.

EDUCATION

Strong performance of Ed-tech subscriptions with outstanding public sales offsetting the decline in didactic business.

Expenses

Highlights

Q4 shows growth across both private and public business.

• Private business
  • Expectation to reach c. 2 Million students by year-end achieved.
  • ACV growth in local currency. Guidance achieved.
  • Subscription model represents 62% of total Private sales and remains the main source of revenue.
  • Pandemic affecting especially Q1 didactic business.
• Public business
  • Outstanding market share of 32% in Brazil.
• Strong cost control efforts with robust investment in commercial efforts.
• FX impacting negatively: Revenues (- €23m) & EBITDA (- €7m).

	2020 (€m)	2021 (€m)	Var (%)
Total subscription (k)	1.727	1.999	+16%
ACV Local currency	139	147	+6%
% Learning systems / Private sales ex FX	52%	62%	+18%
	2020 (€m)	2021 (€m)	Var (%)	Q4'20 (€m)	Q4'21 (€m)	Var (%)
	Ex PNLD´19	Ex FX			Ex FX
Revenues	340	382	12%	95	137	45%
Expenses	277	306	10%	69	96	39%
EBITDA	63	76	21%	26	41	58%

2021 Key highlights

Prisa Group Financials

Prisa Media Financials

Santillana Financials

ESG

Key Takeaways & 2022 Outlook

KEY TAKEAWAYS

• ❖ Business plan delivery by the Management team.
• ❖ Focus on cost control & efficiency across all business lines & corporate center.
• ❖ Advertising growth while gaining market share.
• ❖ Education business recovery with the reopening of schools.
• ❖ Refinancing Agreement reached.
• ❖ Continued improvement in Group´s digital KPIs.

FY2022 OUTLOOK – PRISA GROUP

As a result of the new company culture, we hereby provide guidance for 2022, to be monitored over the coming quarters.

2021 Key highlights

Prisa Group Financials

Prisa Media Financials

Santillana Financials

ESG

Key Takeaways & 2022 Outlook

PRISA ESG¹ HIGHLIGHTS

Contributing to the development of people and the progress of society in countries where PRISA is present.

PRISA is moving forward with its commitment to renewable energy consumption and energy efficiency:

• 100% renewable energy in Spain since July 2021. 66% in LATAM.
• 100% operational photovoltaic self-generation plant located at Miguel Yuste offices, which produced 142 MWh of clean energy in 2021.

The "Deja buena huella" campaign has been a success, obtaining more than 77m impressions in Spain & Latam, distributed through 4 diffusion channels and reaching a Click Through Rate of 0.23% (market average is 0.15%).

Board of Directors:

• Three new female directors joined the Board in 2021. The Board now has 5 female directors, representing 35.7% of its members, above the CNMV's Good Governance Code recommendations (30%).
• Sustainability committee created within PRISA's board of directors.

Participant of the UN Global Compact since 2009, Member of the Spanish Executive Committee since 2016 and member of the following ESG indices:

of the event. Investor Relations +34 91 330 1085 ir@prisa.com

www.prisa.com

Financial calendar:

22nd March 2022: PRISA Investors Day

More information available as we get closer to the date of the event.

23rd March 2022: JB Capital TMT forum

More information available as we get closer to the date of the event.

April 2022: Q1 Results presentation

More information available as we get closer to the date